Sberbank, Russia’s largest lender is acquiring a 51% stake in Speech Technology Center from Gazprombank.
Digital Horizon venture capital fund is also taking a stake in Speech Technology Center (STC).
At the same time, Gazprombank remains a strategic shareholder in STC.
STC is a leading Russian developer of biometric technology. The deal gives STC access to the resources of two of Russia’s largest banks including in the field of artificial intelligence and big data.
Speech Technology Center: broadening speech technology in Russia
“For Sberbank, this deal is a logical step on the road to digital transformation. And the construction of a biometric platform for the Bank’s growing ecosystem. We will use this platform to create a range of services that will take interaction with clients to a completely new level in terms of ease and information security, “says Stanislav Kuznetsov, deputy chairman of the Executive Board of Sberbank.
“In turn, Sberbank’s expertise in AI and big data will help STC broaden the use of speech technology in Russia. Moreover, it will bring Russian technology to foreign markets and help the company compete for global leadership.”
Dmitry Zauers, deputy chairman, Gazprombank says: “Gazprombank has successful experience of investing in promising hi-tech companies. For example, our long-term partnership with STC.
“We intend to maintain our strategic focus on developing this area. This is part of the group’s work to deploy cutting-edge biometric solutions for the bank’s everyday operations. Notably, this will be in the interests of our many retail and corporate clients.”
Speech Technology Center: Sberbank a serious tech partner
Dmitry Dyrmovksy, CEO of Speech Technology Center Group: “STC is gaining another serious partner. The synergy with Sberbank will significantly boost the development of our company’s technologies and products.
“We are receiving access to the expertise and competencies of one of the world’s largest retail banks. STC is already a key player on the biometrics market. With such a team behind us we plan to become a global leader in the next few years.”
The shareholders will create a new board of directors at STC. Specifically, this will consist of four Sberbank representatives and two representatives from Gazprombank, and one from Digital Horizon.